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Question 2. What is the formula for GDP per capita? How is it used? What does it tell us about standards of living? How has the U.S. GDP per capita changed over time? How does it compare to other GDPs per capita in other developed nations and in the developing nations? Question 3. Define Gross Domestic Product. How are national expenditures, national output, and national income related to each other? Does GDP explain national well-being? Why and why not? How is Nominal GDP different from Real GD
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